Prepare a budgeted income statement for Facebook, Inc. for the quarter ending June 30, 2024.

Item	Amount ($)
Expected Sales	600,000
Expected Cost of Goods Sold	350,000
Salaries Expense	100,000
Rent Expense	35,000
Advertising Expense	30,000
Utilities Expense	15,000
Interest Expense	8,000
Income Tax Expense	20,000

Question:

Using the given projections, prepare a budgeted income statement for Facebook, Inc. for the quarter ending June 30, 2024. Calculate the projected Net Income and explain how the budgeting process can help in financial planning.